Auditing: A Risk Based-Approach (MindTap Course List)
11th Edition
ISBN: 9781337619455
Author: Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Publisher: Cengage Learning
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Question
Chapter 5, Problem 45CYBK
To determine
Concept introduction:
An auditor applies procedures to perform audit engagement. These procedures include risk assessment procedures, tests of controls, and subtractive procedure.
To identify: whether the given statement is true or false.
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Audit documentation is the written record of the basis for the auditor's conclusions that provides the support for the auditor's representations, whether those representations are contained in the auditor's report. Required:
b. Discuss TWO (2) important factors that affect the form of audit documentation.
The preparation of audit documentation is an integral part of an auditor’s examination of financial statements. On a recurring engagement, auditors review the audit plans and audit documentation from the prior audit while planning the current audit to determine their usefulness for the current-year work.Required:a. (1) What are the purposes or functions of audit documentation? (2) What records may be included in audit documentation?b. What factors affect the auditors’ judgment of the type and content of the audit documentation for a particular engagement?c. What should be included in audit documentation to support auditors’ compliance with generally accepted auditing standards?d. How can auditors make the most effective use of the prior-year audit plans in a recurring audit?
In the auditing process
Select one:
a.
the criteria for evaluating information will not vary depending on the information being audited.
b. the audit report communicates the auditor's findings to users.
c. the types and amounts of evidence remain constant from audit to audit
d.
evidence are gathered by the auditor to determine whether the audited information is stated in accordance with SEC standards.
Chapter 5 Solutions
Auditing: A Risk Based-Approach (MindTap Course List)
Ch. 5 - Prob. 1CYBKCh. 5 - Prob. 2CYBKCh. 5 - Prob. 3CYBKCh. 5 - Prob. 4CYBKCh. 5 - Prob. 5CYBKCh. 5 - Prob. 6CYBKCh. 5 - Prob. 7CYBKCh. 5 - Prob. 8CYBKCh. 5 - Prob. 9CYBKCh. 5 - Prob. 10CYBK
Ch. 5 - Prob. 11CYBKCh. 5 - Prob. 12CYBKCh. 5 - Prob. 13CYBKCh. 5 - Prob. 14CYBKCh. 5 - Prob. 15CYBKCh. 5 - Which of the following accounts would not be...Ch. 5 - Prob. 17CYBKCh. 5 - Prob. 18CYBKCh. 5 - Prob. 19CYBKCh. 5 - Which management assertion is usually most...Ch. 5 - Prob. 21CYBKCh. 5 - Prob. 22CYBKCh. 5 - Prob. 23CYBKCh. 5 - Prob. 24CYBKCh. 5 - Prob. 25CYBKCh. 5 - Prob. 26CYBKCh. 5 - Prob. 27CYBKCh. 5 - Prob. 28CYBKCh. 5 - Prob. 29CYBKCh. 5 - Prob. 30CYBKCh. 5 - Prob. 31CYBKCh. 5 - Prob. 32CYBKCh. 5 - Prob. 33CYBKCh. 5 - Prob. 34CYBKCh. 5 - Prob. 35CYBKCh. 5 - Prob. 36CYBKCh. 5 - Prob. 37CYBKCh. 5 - Prob. 38CYBKCh. 5 - Prob. 39CYBKCh. 5 - Prob. 40CYBKCh. 5 - Prob. 41CYBKCh. 5 - Prob. 42CYBKCh. 5 - Prob. 43CYBKCh. 5 - Prob. 44CYBKCh. 5 - Prob. 45CYBKCh. 5 - Prob. 46CYBKCh. 5 - Prob. 47CYBKCh. 5 - Prob. 48CYBKCh. 5 - Prob. 1RQSCCh. 5 - Prob. 2RQSCCh. 5 - Prob. 3RQSCCh. 5 - Prob. 4RQSCCh. 5 - Prob. 5RQSCCh. 5 - Prob. 6RQSCCh. 5 - Professional guidance indicates that the auditor...Ch. 5 - Identify the accounts associated with the...Ch. 5 - Assume that an organization asserts that it has...Ch. 5 - Prob. 10RQSCCh. 5 - Prob. 11RQSCCh. 5 - Prob. 12RQSCCh. 5 - Prob. 13RQSCCh. 5 - List factors that might affect an audit firm’s...Ch. 5 - Prob. 15RQSCCh. 5 - Prob. 16RQSCCh. 5 - Prob. 17RQSCCh. 5 - Prob. 18RQSCCh. 5 - Prob. 19RQSCCh. 5 - Prob. 20RQSCCh. 5 - Prob. 21RQSCCh. 5 - Prob. 22RQSCCh. 5 - Prob. 23RQSCCh. 5 - Prob. 24RQSCCh. 5 - Prob. 25RQSCCh. 5 - Prob. 26RQSCCh. 5 - Prob. 27RQSCCh. 5 - Prob. 28RQSCCh. 5 - Prob. 29RQSCCh. 5 - Prob. 30RQSCCh. 5 - Prob. 32RQSCCh. 5 - Prob. 33RQSCCh. 5 - Prob. 34RQSCCh. 5 - Prob. 35RQSCCh. 5 - Prob. 36RQSCCh. 5 - Prob. 37RQSCCh. 5 - Prob. 38RQSCCh. 5 - Prob. 39RQSCCh. 5 - Prob. 40RQSCCh. 5 - Prob. 42RQSCCh. 5 - Prob. 43RQSCCh. 5 - Prob. 44FF
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Similar questions
- 2. Briefly discuss any audit evidence that the auditors may consider or may expect during the stage of file review of the client during an assurance engagement.arrow_forwardAudit documentation is the written record of the basis for the auditor's conclusions that provides the support for the auditor's representations, whether those representations are contained in the auditor's report. Required: a. Assess the significance of documentation for audits.arrow_forwardThe statement that the auditor believes that the audit evidence obtained is sufficient and appropriate to provide a basis for the auditor's opinion is in what section of the new auditor's report? a.Responsibilities for the Financial Statements. b.Basis for Opinion. c.Auditor's responsibility. d.Opinion Paragraph.arrow_forward
- Name the record in which the auditor records the audit procedures performed, the relevant audit evidence was obtained and the conclusion reached. a. Audit evidence c b. Audit file x c. All options, D. Audit documentationarrow_forwardThe date of the CPA’s opinion on the financial statements of the client should be the date of the: Select one: a. submission of the report to the client. b. closing of the client’s books. c. finalization of the terms of the audit engagement d. completion of all important audit proceduresarrow_forward1. What is appropriate audit evidence? How does an auditor determine whether the appropriate audit evidence is sufficient to support the opinion expressed in the auditor's report? 2. Explain the types of audit proceduresarrow_forward
- Under preconditions of an audit, the management shall provide the auditor with the following, except: Group of answer choices b. Additional information that the auditor may request from management for the purpose of the audit d. All the above are concerns that management need to provide c. Unrestricted access to persons within the entity from whom the auditor determines it necessary to obtain audit evidence. a. Access to all information of which management is aware that is relevant to the preparation of the financial statements such as records, documentation and other matters;arrow_forwardAfter completing and documenting the ADA procedures, the auditor evaluates the audit evidence obtained and develops a conclusion based on the audit evidence. Indicate what the conclusion relates to. a. ADA procedures utilized. b. Relevance and reliability of audit evidence. c. Specific phase of audit where ADA utilized. d. Completeness of audit evidence.arrow_forwardThe audit report dates are:a. Closing date of client's bookb. The date on which the letter of representation was receivedc. The date when the audit report is submitted to the clientd. The date on which all the necessary audit procedures were performedarrow_forward
- S1: Regarding communications between auditors, the predecessor auditor has the duty to initiate communications with the successor auditor. S2: Planning means developing a general audit plan and a detailed audit strategy for the expected nature, timing and extent of the audit. S3: The primary objective of an auditor to study and evaluate existing internal control is to obtain a basis for the expression of an auditor's opinion. A. Only 1 statement is True B. Only 2 statements are True C. All statements are True D. All statementS are Falsearrow_forwardIdentify the contents of Form 10-K, Form 10-Q, and Form 8-K. How are auditors involved with the information in these filings?arrow_forward18. An incoming auditor plans to consult the predecessor auditor and review certain portion of the predecessor auditor's working papers. This procedure is acceptable if a. The predecessor auditor and the client consent. b. The client consents. c. The incoming auditor consents. d. The predecessor auditor consents.arrow_forward
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